FOB Shipping point and FOB destination Accounting Training Course
INTRODUCTION
This course on FOB Shipping Point and FOB Destination Accounting provides a comprehensive understanding of the accounting principles and concepts related to FOB shipping transactions. Over five days, participants will learn about the identification and division of costs in FOB shipping, the treatment of FOB accounts, and the accounting treatment of various non-FOB items.
Additionally, the course covers income treatment, valuation of closing inventories, provisioning for unfinished voyages, and accounting for FOB shipping consignments. Participants will also gain insights into performance measurement in the shipping business, including liquidity measurement ratios, profitability ratios, and debt and equity considerations.
Lastly, the course addresses key accounting and reporting issues specific to the shipping industry, such as fair valuation assessment of vessels, impairment assessment, and joint operations arrangements under IFRS 11.
OBJECTIVES
By the end of this course, participants will:
Understand the general accounting principles and concepts related to FOB shipping.
Identify and divide costs in FOB shipping transactions
Differentiate between FOB shipping point and FOB destination
Prepare FOB accounts and handle FOB freight prepayments
Apply accounting treatment to non-FOB items and calculate income from freight, primage, and passage money
Value closing inventories and provision for unfinished voyages
Record accounting entries for FOB consignments in the books of both consignors and consignees
Perform physical inventory counts and account for the sale of inventory by consignees
Measure performance in the shipping business using liquidity measurement ratios, profitability ratios, and debt and equity considerations
Address accounting and reporting issues specific to the shipping industry, such as fair valuation assessment of vessels, impairment assessment, and joint operations arrangements under IFRS 11
WHO SHOULD ATTEND ?
FOB Shipping Point and FOB destination accounting training course designed for:
Accounting professionals, finance managers, shipping industry professionals, and individuals seeking to enhance their knowledge and skills in FOB shipping point and destination accounting.
It also benefits auditors, consultants, and professionals involved in financial reporting and analysis within the shipping industry.
COURSE OUTLINE
Day 1
General Accounting Principles and Concepts
Accounting Guidance in FOB shipping
Identification and division of costs in FOB shipping
Identification of FOB shipping point
Identification of FOB destination
Day 2
Preparation of FOB accounts
Treatment of FOB freight prepayments
Treatment of FOB shipping point, freight prepaid and charged back
Accounting treatment of non-FOB items:
Free alongside
Free carrier
Delivered ex-ship
Ex-works
Treatment
of income:
Freight, primage, passage money.
Valuation of closing inventories, unfinished coals, fuels, etc.
Provisioning for unfinished voyages.
Day 3
Accounting for FOB Shipping consignment
Accounting entries for FOB consignments,
Accounting entries in the books of the FOB consignor
Accounting entries in the books of the FOB consignee
Physical inventory count
Sale of inventory by consignee
Recognition of profit
Day 4
Performance measurement in shipping business
Liquidity measurement ratios
Cash flow management
Profitability ratios
Debt and equity considerations
Day 5
Key reporting accounting and reporting issues
Going concern assessment
Fair valuation assessment of vessels
Drydocking, construction, retrofit delays.
Impairment assessment of vessels
Impairment assessment of goodwill
Joint operations arrangements under IFRS 11
IN-HOUSE TRAINING
LMA Training is capable of conducting this training programme exclusively for your delegates. Please e-mail us on admin@lmitac.com for further information and/or to receive a comprehensive proposal.
DOCUMENTATION
High-Quality material has been prepared by the LMAteam for distribution to delegates. In addition, a special note pad to facilitate note-taking will be provided.
CERTIFICATES
Accredited Certificate of completion will be issued to those who attend & successfully complete the programme.
SCHEDULE
Our Course timings commence at 09:00AM12:45PM and 01:00PM - 05:00PM.
REGISTRATION & PAYMENT
Please complete the registration form on the course page & return it to us indicating your preferred mode of payment. For Further Information, please get in touch with us.
CANCELLATION AND REFUND POLICY
Delegates have 14 days from the date of booking to cancel and receive a full refund or transfer to another date free of charge. If less than 14 days notice is given then we will be unable to refund or cancel the booking unless on medical grounds. For more details about the Cancellation and Refund policy, please visit www.lmitac.com/terms-and-conditions/
TRAVEL AND TRANSPORT
We are committed to picking up and dropping off the participants from the airport to the hotel and back.
